Soneri Bank declares Rs784mn after tax profit

RECORDER REPORT

LAHORE: The Soneri Bank Ltd declared Rs. 784 million after tax profit up from Rs. 125 million for the financial year ending 31st December 2011. This was mainly driven by growth in Net Interest and Non -Interest Income, which recorded an annual growth of 27.9 percent and 59.2 percent respectively, a bank's press release said here on Friday.

The statement said that the Bank during the year successfully concluded its fourth right issue amounting to Rs. 1008 million and also declared 12.5 percent bonus shares to its shareholders increasing the paid up capital to 8,028 million thus complying with the Statement Bank's Minimum Capital Requirement.

The annual financial statements of Soneri Bank Ltd for the year ending 31st December 2011 was approved by the shareholders of the Bank at the 20th AGM held here on Friday. The meeting was chaired by Alauddin J Feerasta.

The Chairman briefed the shareholders that the annual results reflect strong growth in all areas of Bank's operations. Total deposits as reported in the annual audited accounts approved by the shareholders reflected a sound growth of 21.6 percent to close at 99,734 million whereas the Net Advances as at the end of the year 2011 amounted to Rs. 65,340 million, which is up by 19.5 percent. Resultantly, the net assets closed at 10,977 million thus translating into a solid growth of 23.09 percent from the 2010 level, the press release said.

The shareholders were informed that the Bank continued its focus on the core business area and managed to record remarkable growth in the overall trade volumes handled during the year 2011.

Presenting the results the President and Chief Executive Muhammad Aftab Manzoor said that key reasons for successful performance in 2011 is increased focus on core area of activity, advances, deposits and trade which allowed the bank to enhance its earnings from both investments and foreign exchange sources.